Crypto exchange Binance has faced a series of challenges in recent months, including a significant drop in trading volumes, regulatory issues, and the departure of a number of top executives.
As of October 2023, Binance‘s trading volume fell to 50%, down from 74% in December 2022. This decline occurred as the value of bitcoin rose to $34,000 and competitor OKX saw its market share jump to over 50%.
Adding to the company’s woes, several high-level executives have left Binance. The list includes Stephanie Cabossioras, Jonathan Farnell, Brian Schroeder, Krishna Juvvadi, Sidney Majalya, Patrick Hillmann, Mayur Kamath, Helen High, Vladimir Smerkis, Gleb Kostarev, Leon Fung, Matthew Price, Stephen Christie, Hong Ng and Steve Milton.
The crypto exchange has also faced legal problems on several fronts. The company lost its licenses in several European countries and faced charges from the United States, France, Brazil, and the United Kingdom.
The charges include money laundering, trading unregistered securities, and violating international sanctions against Russia. Specifically, in France, the Binance division is under investigation for operating without a license and faces serious money laundering allegations.
These challenges have had a significant impact on Binance’s CEO, Changpeng Zhao. His wealth has plummeted from $96.6 billion in January 2023 to $17.2 billion as of October 2023.
Despite these setbacks and growing security concerns that have prompted users to withdraw their funds, Binance remains the largest crypto exchange. The company reported revenues of $7.6 billion in 2023.
